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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 621879 times)
neurotypical
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November 16, 2015, 06:59:08 PM
 #3041

Which one are you Jbreher?  Were you able to hang on to some of your early purchased coins?  Do you have thousands of coins, as some of the posters here assume? 

I believe that you are suggesting that your bitcoin holdings are much more modest than the assertion of "thousands." 

Haha. I wish. I once had amassed 'almost thousands'. But I learned a hard lesson about greed -- both that of my fellow man, and of my own -- in the pirate@40 / Trendon Shavers / BTCST debacle. I was utterly wiped out in that one.

I've been able to accumulate a few more coins since. Enough that, in the case I believe to be the 80% scenario (bitcoin eventually becomes ubiquitous), by the time I reach retirement age*, I'll be able to do so in grand style. Of course, in that scenario, even a single full bitcoin will be vast riches.

*any young pups out there might note that I am already as old as dirt.

Do you think that a 30 year old will be able to retire in 10 years with about 20 BTC? I cannot stand a single day at work, too much stress, I just need more free time, I cannot develop my hobbies, I suffer from anxiety, please help me BTC Sad

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November 16, 2015, 08:28:43 PM
 #3042

Which one are you Jbreher?  Were you able to hang on to some of your early purchased coins?  Do you have thousands of coins, as some of the posters here assume? 

I believe that you are suggesting that your bitcoin holdings are much more modest than the assertion of "thousands." 

Haha. I wish. I once had amassed 'almost thousands'. But I learned a hard lesson about greed -- both that of my fellow man, and of my own -- in the pirate@40 / Trendon Shavers / BTCST debacle. I was utterly wiped out in that one.

I've been able to accumulate a few more coins since. Enough that, in the case I believe to be the 80% scenario (bitcoin eventually becomes ubiquitous), by the time I reach retirement age*, I'll be able to do so in grand style. Of course, in that scenario, even a single full bitcoin will be vast riches.

*any young pups out there might note that I am already as old as dirt.

Do you think that a 30 year old will be able to retire in 10 years with about 20 BTC? I cannot stand a single day at work, too much stress, I just need more free time, I cannot develop my hobbies, I suffer from anxiety, please help me BTC Sad

Perhaps a new job is in order rather than a miracle investment in a niche.

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November 16, 2015, 09:02:58 PM
 #3043

Do you think that a 30 year old will be able to retire in 10 years with about 20 BTC?

Personally, I do think so. I understand that other minds -- even rational ones -- may have other opinions.

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I cannot stand a single day at work, too much stress, I just need more free time, I cannot develop my hobbies, I suffer from anxiety, please help me BTC Sad

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November 16, 2015, 09:14:34 PM
 #3044


Do you think that a 30 year old will be able to retire in 10 years with about 20 BTC? I cannot stand a single day at work, too much stress, I just need more free time, I cannot develop my hobbies, I suffer from anxiety, please help me BTC Sad
How about you develope some bitcoin earning method.

Sitting on your BTC is just waste of time. Invest them or earn new BTC.

BTC could go up alot but not in the next 3-4 years.

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November 16, 2015, 09:18:01 PM
 #3045

BTC could go up alot but not in the next 3-4 years.

Project back in time 3-4 years. Make that same statement at that time. Was just as logical then as it is now. But you would have missed that express elevator. Just like your current limited vision will have your future self kicking you for missing the next.

Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.

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November 16, 2015, 09:19:33 PM
 #3046

BTC could go up alot but not in the next 3-4 years.

Project back in time 3-4 years. Make that same statement at that time. Was just as logical then as it is now. But you would have missed that express elevator. Just like your attitude will have your future self kicking you for missing the next.

Hold on a second, I hold btc and will earn a lot in the future. So if btc will go up alot i`ll become rich.

I wont miss the next train. I just said to him to not waste time. Waiting 10 years for something is foolish, better work on it to get more btc.

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November 17, 2015, 04:47:42 AM
 #3047

BTC could go up alot but not in the next 3-4 years.

Project back in time 3-4 years. Make that same statement at that time. Was just as logical then as it is now. But you would have missed that express elevator. Just like your attitude will have your future self kicking you for missing the next.

Hold on a second, I hold btc and will earn a lot in the future. So if btc will go up alot i`ll become rich.

I wont miss the next train. I just said to him to not waste time. Waiting 10 years for something is foolish, better work on it to get more btc.

Yes, you may be suggesting a form of dollar cost averaging, as well.

If he has 20BTC at 30 years old, he can continue to invest a portion of his paycheck, and maybe acquire 20 more BTC or some other reasonable amount, and the appreciation of the BTC plus his continuing to invest will likely have a compounding effect.

At todays, prices, investing $50 per month will get you nearly 2 BTC a year, and if the prices go up, then that same amount may only get you .2BTC a year; however, a guy may well begin to draw a higher income too, as the years go by, and will be able to continue to invest more, maybe $100 or $500 per month.

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November 17, 2015, 05:24:29 AM
 #3048

To think that not so long ago I was paid 50 BTC for two hours of work.

Damn!! This post is only 4 years old and yet it feels like from a different time altogether  Shocked  Those simple characters '50 BTC' carry so much more weight these days. To think that he was doing the same comparison I'm doing now lol  Cheesy
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November 17, 2015, 10:51:13 AM
 #3049

To think that not so long ago I was paid 50 BTC for two hours of work.

Damn!! This post is only 4 years old and yet it feels like from a different time altogether  Shocked  Those simple characters '50 BTC' carry so much more weight these days. To think that he was doing the same comparison I'm doing now lol  Cheesy

I just love how most of the posters from page 1 quit after 2011-2012-2013.

Hardly a few of them are still here and are hero members. The rest of them shilled for bitcoin so hard, yet they quit 1 year after like some cowards they are.

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November 17, 2015, 03:19:29 PM
 #3050



That's what I'm always saying. If you really only invest that money what you don't need to care about, there is absolutely no reason to freak out when BTC's price tanks. Just sit it out.In the long run we will succeed and be glad that hodling was the right decision.

Yea the higher the risk, the less capital should be invested.

Those that put all their life savings into btc at 500$, and the price went to 1100 and didnt sold, then went down below 300, they panicked and sold at 300$.

Now they are angry at bitcoin because they lost almost half of their savings. But they should be mad at themselves.

If they would just bought a little bit then it would not be big deal.


If you bought for 100$ when the price was 0.5$ , 200 BTC. You have no reason to sell, because the price can go up to 50,000$ and you will be amongst the elite.

as one of the existing elite...didn't tim draper purchase 30000 bitcoins at auction for around $600 each. granted it was a miniscule part of his net worth and surely hes not panicking. I would think most who invest in bitcoin feel its a long term play and would not panic. Those who trade...it may be another story entirely. 

Is that the gold mine guy? I remember reading about a guy that sold a gold mine he owned to buy Bitcoin, he hasn't ROI'd yet. Of course, if they have a brain they will hold. I remember when Warren Buffet bought the Washington Post stocks, he lost money at first, then years later (like 40) turned his initial $11 million investment on $1.1 billion. This is why it's all about long term and ups and downs don't really matter.

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November 17, 2015, 05:18:52 PM
 #3051

I love this thread Cheesy It never dies.

But of more substance, I have to disagree with the "hodl" crowd in most instances. I have gotten to the point where trading BTC is how I make the bulk of my living, and you pretty much have to play that day by day. On the most recent spike, I made really good money, but I make decent money every day. Money sitting in a vault does no good. It's purpose is trade, and that is how you increase your holdings.

Longer term, it's definitely a good play to have some BTC, dollars, diamonds, and etc. in storage, but not the bulk of it. Money in play, whatever form it's in, is where the profits are. And the losses, if we're to be honest, but carefully investing your assets will make you "wealthy elite" far quicker than waiting and hoping.

Buy Bitcoins with Paypal, Credit card, or other methods. Send me a PM or a text to 208-451-2665.
brg444
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November 17, 2015, 05:31:59 PM
 #3052

I love this thread Cheesy It never dies.

But of more substance, I have to disagree with the "hodl" crowd in most instances. I have gotten to the point where trading BTC is how I make the bulk of my living, and you pretty much have to play that day by day. On the most recent spike, I made really good money, but I make decent money every day. Money sitting in a vault does no good. It's purpose is trade, and that is how you increase your holdings.

Longer term, it's definitely a good play to have some BTC, dollars, diamonds, and etc. in storage, but not the bulk of it. Money in play, whatever form it's in, is where the profits are. And the losses, if we're to be honest, but carefully investing your assets will make you "wealthy elite" far quicker than waiting and hoping.

Good on you if you are successful trading but that one bolded bit it quite wrong I'm afraid  Undecided

Savings have value and it doesn't make much sense to propose that one starts speculating with all of his available wealth.


"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
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November 17, 2015, 05:34:34 PM
 #3053

I love this thread Cheesy It never dies.

But of more substance, I have to disagree with the "hodl" crowd in most instances. I have gotten to the point where trading BTC is how I make the bulk of my living, and you pretty much have to play that day by day. On the most recent spike, I made really good money, but I make decent money every day. Money sitting in a vault does no good. It's purpose is trade, and that is how you increase your holdings.

Longer term, it's definitely a good play to have some BTC, dollars, diamonds, and etc. in storage, but not the bulk of it. Money in play, whatever form it's in, is where the profits are. And the losses, if we're to be honest, but carefully investing your assets will make you "wealthy elite" far quicker than waiting and hoping.

Good on you if you are successful trading but that one bolded bit it quite wrong I'm afraid  Undecided

Savings have value and it doesn't make much sense to propose that one starts speculating with all of his available wealth.

I qualified it Cheesy But even savings in a bank is actually invested, you're just not the one doing it. Interest is paid to you out of profits from the interest they charge to lend the money that you hold, essentially a partnership. Except in the banking world, they hold all the cards.

Money just sitting in a vault, as I said, is not likely doing you any good. A smallish portion, for emergencies and future speculation, sure, but overall the purpose of money is trade, and that's how you increase your stash.

Buy Bitcoins with Paypal, Credit card, or other methods. Send me a PM or a text to 208-451-2665.
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November 17, 2015, 05:37:15 PM
 #3054


I qualified it Cheesy But even savings in a bank is actually invested, you're just not the one dong it. Interest is paid to you out of profits from the interest they charge to lend the money that you hold, essentially a partnership. Except in the banking world, they hold all the cards.

Money just sitting in a vault, as I said, is not likely doing you any good. A smallish portion, for emergencies and future speculation, sure, but overall the purpose of money is trade, and that's how you increase your stash.

Think of the people who sold a large part of their stash during the early 2013 run-up thinking they had made a killing seeing as they bought their coins in low double digit.... I'm guessing some of them would love to have these coins back.

I understand where you're coming from but the "purpose of money is trade" notion is simply broken economics.

http://blog.oleganza.com/post/43378777734/on-circulation-of-money

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Economists err if they believe something is wrong when money is not in constant, active “circulation.” Money is only useful for exchange value, true, but it is not only useful at the actual moment of exchange. This truth has been often overlooked. Money is just as useful when lying “idle” in somebody’s cash balance, even in a miser’s “hoard.” (At what point does a man’s cash balance become a faintly disreputable “hoard,” or the prudent man a miser? It is impossible to fix any definite criterion: generally, the charge of “hoarding” means that A is keeping more cash than B thinks is appropriate for A.) For that money is being held now in wait for possible future exchange—it supplies to its owner, right now, the usefulness of permitting exchanges at any time—present or future—the owner might desire.

"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
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November 17, 2015, 06:11:19 PM
 #3055

I love this thread Cheesy It never dies.

But of more substance, I have to disagree with the "hodl" crowd in most instances. I have gotten to the point where trading BTC is how I make the bulk of my living, and you pretty much have to play that day by day. On the most recent spike, I made really good money, but I make decent money every day. Money sitting in a vault does no good. It's purpose is trade, and that is how you increase your holdings.

Longer term, it's definitely a good play to have some BTC, dollars, diamonds, and etc. in storage, but not the bulk of it. Money in play, whatever form it's in, is where the profits are. And the losses, if we're to be honest, but carefully investing your assets will make you "wealthy elite" far quicker than waiting and hoping.

Good for you that you have the skills to trade successfully. I guess many here doesn't have these abilities or the time and patience to learn it.Risk to lose shouldn't be underestimated.And that's the reason everyone should do what he can do best to increase his BTC amount.

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November 17, 2015, 06:22:32 PM
 #3056

I love this thread Cheesy It never dies.

But of more substance, I have to disagree with the "hodl" crowd in most instances. I have gotten to the point where trading BTC is how I make the bulk of my living, and you pretty much have to play that day by day. On the most recent spike, I made really good money, but I make decent money every day. Money sitting in a vault does no good. It's purpose is trade, and that is how you increase your holdings.

Longer term, it's definitely a good play to have some BTC, dollars, diamonds, and etc. in storage, but not the bulk of it. Money in play, whatever form it's in, is where the profits are. And the losses, if we're to be honest, but carefully investing your assets will make you "wealthy elite" far quicker than waiting and hoping.

Good for you that you have the skills to trade successfully. I guess many here doesn't have these abilities or the time and patience to learn it.Risk to lose shouldn't be underestimated.And that's the reason everyone should do what he can do best to increase his BTC amount.

As far as trading goes, as long as you use your brain instead of your emotions, you'll be fine. Buying low and selling high doesn't require you to have skills.

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November 17, 2015, 06:32:44 PM
 #3057


I qualified it Cheesy But even savings in a bank is actually invested, you're just not the one dong it. Interest is paid to you out of profits from the interest they charge to lend the money that you hold, essentially a partnership. Except in the banking world, they hold all the cards.

Money just sitting in a vault, as I said, is not likely doing you any good. A smallish portion, for emergencies and future speculation, sure, but overall the purpose of money is trade, and that's how you increase your stash.

Think of the people who sold a large part of their stash during the early 2013 run-up thinking they had made a killing seeing as they bought their coins in low double digit.... I'm guessing some of them would love to have these coins back.

I understand where you're coming from but the "purpose of money is trade" notion is simply broken economics.

http://blog.oleganza.com/post/43378777734/on-circulation-of-money

Quote
Economists err if they believe something is wrong when money is not in constant, active “circulation.” Money is only useful for exchange value, true, but it is not only useful at the actual moment of exchange. This truth has been often overlooked. Money is just as useful when lying “idle” in somebody’s cash balance, even in a miser’s “hoard.” (At what point does a man’s cash balance become a faintly disreputable “hoard,” or the prudent man a miser? It is impossible to fix any definite criterion: generally, the charge of “hoarding” means that A is keeping more cash than B thinks is appropriate for A.) For that money is being held now in wait for possible future exchange—it supplies to its owner, right now, the usefulness of permitting exchanges at any time—present or future—the owner might desire.


You make a good point. It has value TO the person letting it lie idle, even if just for the pleasure of it. My point, however, is that if the goal is to become wealthy, then simply holding it is unlikely to be a solid strategy. Holding a portion, and taking profit often and using the profit to generate more profit, that's the strategy I'm advocating. I would suppose that if you are already wealthy, the proportion you hold would likely increase vs. the portion you invest. I guess I'm getting at the idea that standing still is rarely useful to life or wealth.

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November 17, 2015, 06:35:52 PM
 #3058

I love this thread Cheesy It never dies.

But of more substance, I have to disagree with the "hodl" crowd in most instances. I have gotten to the point where trading BTC is how I make the bulk of my living, and you pretty much have to play that day by day. On the most recent spike, I made really good money, but I make decent money every day. Money sitting in a vault does no good. It's purpose is trade, and that is how you increase your holdings.

Longer term, it's definitely a good play to have some BTC, dollars, diamonds, and etc. in storage, but not the bulk of it. Money in play, whatever form it's in, is where the profits are. And the losses, if we're to be honest, but carefully investing your assets will make you "wealthy elite" far quicker than waiting and hoping.

Good for you that you have the skills to trade successfully. I guess many here doesn't have these abilities or the time and patience to learn it.Risk to lose shouldn't be underestimated.And that's the reason everyone should do what he can do best to increase his BTC amount.

It took a long time to get decent at it. I'm far from good at it, but I do make a living. Along the way, I lost quite a bit to that learning curve Cheesy Primarily, the skill you need most is a good head. If you can be patient and vigilant at the same time (the former is very hard for me), you'll make money. Faking patience has been of great value to me. And of course, watching the peaks and valleys and buying low and selling high Cheesy

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November 17, 2015, 06:57:07 PM
 #3059

Which one are you Jbreher?  Were you able to hang on to some of your early purchased coins?  Do you have thousands of coins, as some of the posters here assume?  

I believe that you are suggesting that your bitcoin holdings are much more modest than the assertion of "thousands."  

Haha. I wish. I once had amassed 'almost thousands'. But I learned a hard lesson about greed -- both that of my fellow man, and of my own -- in the pirate@40 / Trendon Shavers / BTCST debacle. I was utterly wiped out in that one.

I've been able to accumulate a few more coins since. Enough that, in the case I believe to be the 80% scenario (bitcoin eventually becomes ubiquitous), by the time I reach retirement age*, I'll be able to do so in grand style. Of course, in that scenario, even a single full bitcoin will be vast riches.

*any young pups out there might note that I am already as old as dirt.

Do you think that a 30 year old will be able to retire in 10 years with about 20 BTC? I cannot stand a single day at work, too much stress, I just need more free time, I cannot develop my hobbies, I suffer from anxiety, please help me BTC Sad

Perhaps a new job is in order rather than a miracle investment in a niche.

He has more chances at making it with BTC than trying to find a job that isn't very stressing nowadays. With 21 BTC, you are basically a member of a club where only 1 million people are admited (only 21 million coins ever, so only 1 million people holding 21 coins is possible).
If Bitcoin wins, the price should be high enough to retire with that in that period of time. Like satoshi said, if bitcoin is still around, it will be very valuable or be 0.

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November 17, 2015, 07:44:57 PM
 #3060

BTC could go up alot but not in the next 3-4 years.

Project back in time 3-4 years. Make that same statement at that time. Was just as logical then as it is now. But you would have missed that express elevator. Just like your attitude will have your future self kicking you for missing the next.

Hold on a second, I hold btc and will earn a lot in the future. So if btc will go up alot i`ll become rich.

I wont miss the next train. I just said to him to not waste time. Waiting 10 years for something is foolish, better work on it to get more btc.

That's the right thing to do holding and keeping it safe for the future can proved to an very profitable as we know that the price of BTC would go higher in the coming years so the best thing to do right now is to keep on earning bitcoins in the best possible way and this is the right time to invest in bitcoins so that we can become rich in the coming years.
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